Asset valuations and associated advice from a suitably qualified valuation professional is a statutory requirement to ensure that the Statement of Accounts are prepared in accordance with the CIPFA Code of Practice on Local Authority Accounting.

Following a competitive tender the procurement of an asset and insurance reinstatement valuation service was initially approved for a three year term ending 31 July 2021. Due to the Covid 19 restrictions, the continuing use of the current service provider was subsequently approved through until 31 July 2023.

The decision was made to direct award the current service provider a new contract through a procurement framework. This is considered to be the best option because any change in service provider would likely be more costly to the council. Any new provider would have to spend time gaining knowledge of council assets and if they changed valuations methods then this would lead to increased external audit scrutiny and costs. Remaining with the same provider offers value for money to the council.